Bill Gates Urges Obama to Embrace Global Tax

Cliff Kincaid
Accuracy in Media
via Gulag Bound

When Barack Obama was a senator, he proposed a Global Poverty Act to fulfill the U.N.’s Millennium Development Goals. The cost in additional foreign aid: $845 billion. On Thursday, as part of the G20 summit, Bill Gates, co-chair of the Bill & Melinda Gates Foundation, delivered a report on “financing for development” that proposes global taxes on America and other “rich” nations to make the Global Poverty Act a reality.

“I am honored to have been given this important opportunity,” said Gates, founder of Microsoft. “My report will address the financing needed to achieve maximum progress on the Millennium Development Goals, and to make faster progress on development over the next decade.”

The report, available on the website of the Gates Foundation, proposes a financial transaction tax (FTT) as well as taxes on tobacco, aviation and bunker fuel, and carbon (energy), by G20 countries and other members of the European Union. The G20 are Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, United Kingdom, and the United States of America.

On Wednesday, as part of the coordinated campaign to pass such a tax in the U.S., Democratic Senator Tom Harkin (Iowa) and Democratic Rep. Peter DeFazio (Oregon) introduced legislation to put a tax on “certain trading activities undertaken by banking and financial firms.” What they didn’t say was that it would affect stocks and bonds bought and sold by the average American investor…

…As news of the Gates report began to leak to the media, we began to see stories such as one in the British Guardian that began, “Bill Gates will tell the G20 group of developed and developing countries on Thursday that they could raise an extra $48bn a year to fight global poverty by levying a small tax on share and bond trading.” The proposal, the Tobin Tax, named after a Yale University economist, is very popular at the United Nations and has been advocated for years by Fidel Castro as a means by which to siphon funds from capitalist Western nations.

In fact, the Gates report says that FTT proposals could generate $100 billion to $250 billion per year. Taxes on shipping and aviation fuel could yield $37 billion and $27 billion per year, respectively, he says.

Over a 13-year period, from 2002, when the U.N.’s Financing for Development conference was held, to the target year of 2015, when the U.S. is expected to meet the Millennium Development Goals, the U.S. is supposed to provide $845 billion in additional foreign aid money, according to Jeffrey Sachs of the U.N.’s Millennium Project. “We have fully embraced the Millennium Development Goals,” Obama told the U.N. in 2009…

…George Russell of Fox News examined the complex financial arrangements involving Sachs, Soros, and the U.N. and concluded that more disclosure is warranted because of potential conflicts of interests…

Read the complete article at Gulag Bound.

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